Nigerian fintech giant Moniepoint Inc. has raised an additional $90 million, completing its $200 million Series C round aimed at fueling its growth across Africa and international markets.
The round drew participation from major global investors such as Visa Inc., Development Partners International (DPI), LeapFrog Investments, and Alphabet Inc.’s Google Africa Investment Fund, reaffirming global confidence in Africa’s fintech sector.
According to Ross Strike, Moniepoint’s Senior Vice President, the latest investment highlights growing global interest in African fintech innovation.
“We’re seeing more interest from global investors who believe in Africa’s growth story and the opportunities within its financial ecosystem,” Strike said.
Funding Focus: Strengthening Operations and Global Expansion
Moniepoint said the funds will be used to bolster its Nigerian operations — its largest market — and drive expansion into Kenya and the United Kingdom.
“The proceeds will power the next phase of our growth, helping African businesses and individuals achieve their financial goals while expanding our footprint across the continent and beyond,” the company stated.
With this funding, Moniepoint’s valuation now exceeds $1 billion, though the exact figure was not disclosed. The new round follows the $110 million raised in 2024.
Founded in 2015 by Tosin Eniolorunda, Moniepoint provides payments, banking, and remittance services to millions of users. The company currently processes more than $250 billion in annual transactions and plans to operate in at least five African countries in the coming years.
Founder’s Vision: Expanding Financial Inclusion
Moniepoint’s CEO, Tosin Eniolorunda, said the company remains committed to improving financial inclusion and empowering African entrepreneurs.
“Moniepoint was built to bring financial happiness to Africans. This new round strengthens our resolve to expand that mission across the continent and beyond,” he said.
Investor Confidence in African Fintech
Farid Fezoua, Global Director for Disruptive Technologies at the IFC, praised Moniepoint’s impact on small and medium businesses:
“We are proud to support Moniepoint’s mission to accelerate digital payment adoption among Nigeria’s MSMEs, a group that remains underserved by traditional banks,” he said.
A Growing Fintech Powerhouse
Moniepoint joins other Nigerian fintech leaders like Flutterwave, Interswitch, and Opay, all of which have achieved unicorn status in recent years.
In 2024, the company’s earlier Series C round, led by DPI’s African Development Partners (ADP) III fund, included investors such as Google’s Africa Investment Fund, Verod Capital, and existing backer Lightrock.
With $200 million now secured, Moniepoint is set to accelerate its mission of driving financial happiness, inclusion, and growth across Africa and beyond.
